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The founder of Poundland is planning to open the Britain's first online single-price retailer, which he hopes will be up and running within the year.
Steve Smith, who opened his first Poundland store in 1990 with the help of a £50,000 loan from his father, has now bought the domain Poundshop.com.
The businessman, who sold his share of Poundland for nearly £50m in 2002, however could face competition from his former business, which is also reportedly preparing to open a website.

The 51-year-old told Retail Week customers would have to pay a delivery cost of about £3, which he compared to transport and parking costs for high street shoppers.
He said: 'People are used to delivery costs. My challenge is to make sure it works out cheaply for the customer.'
According to reports, Mr Smith had thought about a £42 minimum order value for customers, but this is likely to reduced to about £23 following market research.

He is also considering a 'click-and-collect' system which would allow customers to pick up their goods at other stores and shopping centres.

I think he will do well although we might have a few neighbours curtain twitching at the PoundShop lorry parked up outside when they deliver! ;)

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